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Crude Oil prices rising as the World relieves COVID-19 restrictions

Crude Oil prices on Tuesday, May 5, 2020 increased as some African, Asian, European and a handful of US states eased some COVID-19 instigated restrictions.
Oil prices moving up nicely as demand begins again!” U.S. President Donald Trump tweeted excitedly.

Coronavirus-instigated restrictions more or less paralyzed the global oil industry in April, leaving marketers to pay buyers for less just because they had nowhere else to keep the excess crude refined.
The West Texas Intermediate; the basis of US oil, sold a barrel for as low as -$37.63 on April 20.
With Brent Crude; basis of the Nigeria's Bonny Light, sold as low of $26 per barrel and even had to settle for less as the days went on.
Nonetheless, Oil producing Nations have a bit of a smile on their faces with the new developments.
Mitigating some of the restrictions, demand is returning and as gotten oil investors back in business again.
The United Band of Switzerland's commodities analyst , Giovanni Stuanovo said, "The outlook for this and next year is turning brighter: demand should be suppoertedby a recovering blobal economy".

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